Marcus Killick explores how external scrutiny benefits IFCs (International Finance Centres), highlighting the intensified scrutiny they faced as global standard-setting bodies and regulatory organisations began assessing and reviewing these centres. It is emphasised that this unbiased scrutiny is crucial for the continued growth and effectiveness of IFCs, as it promotes transparency, enhances cooperation between regulators, and eliminates discrimination among centers.
Killick also emphasises the need for IFCs to welcome external scrutiny, embrace regulatory standards, eliminate secrecy, and undergo a cultural shift to ensure long-term success. Despite the challenges, IFCs have proven their resilience and ability to adapt, contributing significantly to the global economy. As the article concludes, the IFCs’ journey toward acceptance and improved standards promises a brighter future for these centers and the global financial system.
(Article first published in the IFC Review, 2013.)
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